Terms of the deal were not released, but TSN earlier reported the value at $4 million a season.

"We are extremely pleased to announce that we have agreed to a five-year contract with Victor," said Lightning GM Steve Yzerman. "He has shown tremendous growth as a player in just more than two seasons in the NHL while also becoming a key member of our team. We look forward to his continued development in a Lightning uniform."

The second pick of the 2009 Entry Draft, Hedman has 2 goals and a minus-5 rating in 20 games, and he's second on the team in average ice time per game at 22:55.

Hedman's numbers might be down a bit this season, but the 6-foot-6, 229-pound 20-year-old posted a career-best 26 points last season, and had 6 points in 18 playoff games while playing more than 22 minutes per game and emerging as a top-pairing defense.

"I'd like to thank our owner, Mr. (Jeff) Vinik, and of course GM Steve Yzerman for helping me move forward in my career," said Hedman. "I love it in Tampa Bay with the Lightning and I will do all I can to help this organization be successful on and off the ice."

Contact Adam Kimelman at akimelman@nhl.com. Follow him on Twitter: @NHLAdamK

Stay Connected

I don't have a crystal ball. Predicting is a real complicated thing. If we stay healthy, have enough depth and get the good goaltending we think we're going to have, you can go all the way. But a lot of things have to happen. There's going to be a lot of teams that think the same thing. Everyone made deals. We're all are optimistic about where we'll end up.

— Rangers general manager Glen Sather after being asked if he's constructed a team that can win the Stanley Cup before their 4-1 win against the Predators on Monday